Company Quick10K Filing
CNA Financial
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 272 $12,628
10-Q 2019-10-28 Quarter: 2019-09-30
10-Q 2019-08-05 Quarter: 2019-06-30
10-Q 2019-04-29 Quarter: 2019-03-31
10-K 2019-02-13 Annual: 2018-12-31
10-Q 2018-11-05 Quarter: 2018-09-30
10-Q 2018-07-30 Quarter: 2018-06-30
10-Q 2018-04-30 Quarter: 2018-03-31
10-K 2018-02-14 Annual: 2017-12-31
10-Q 2017-10-30 Quarter: 2017-09-30
10-Q 2017-07-31 Quarter: 2017-06-30
10-Q 2017-05-01 Quarter: 2017-03-31
10-K 2017-02-15 Annual: 2016-12-31
10-Q 2016-10-31 Quarter: 2016-09-30
10-Q 2016-08-01 Quarter: 2016-06-30
10-Q 2016-05-03 Quarter: 2016-03-31
10-K 2016-02-17 Annual: 2015-12-31
10-Q 2015-11-03 Quarter: 2015-09-30
10-Q 2015-08-04 Quarter: 2015-06-30
10-Q 2015-05-05 Quarter: 2015-03-31
10-K 2015-02-23 Annual: 2014-12-31
10-Q 2014-11-04 Quarter: 2014-09-30
10-Q 2014-08-04 Quarter: 2014-06-30
10-Q 2014-04-29 Quarter: 2014-03-31
10-K 2014-02-19 Annual: 2013-12-31
10-Q 2013-10-29 Quarter: 2013-09-30
10-Q 2013-07-30 Quarter: 2013-06-30
10-K 2013-02-21 Annual: 2012-12-31
10-Q 2012-10-30 Quarter: 2012-09-30
10-Q 2012-07-31 Quarter: 2012-06-30
10-Q 2012-05-01 Quarter: 2012-03-31
10-K 2012-02-21 Annual: 2011-12-31
10-Q 2011-11-01 Quarter: 2011-09-30
10-Q 2011-08-02 Quarter: 2011-06-30
10-Q 2011-05-03 Quarter: 2011-03-31
10-K 2011-02-22 Annual: 2010-12-31
10-Q 2010-11-02 Quarter: 2010-09-30
10-Q 2010-08-03 Quarter: 2010-06-30
10-Q 2010-05-03 Quarter: 2010-03-31
10-K 2010-02-23 Annual: 2009-12-31
8-K 2019-12-19 Enter Agreement, Exhibits
8-K 2019-10-28 Earnings, Exhibits
8-K 2019-08-05 Earnings, Exhibits
8-K 2019-05-01 Enter Agreement, Exhibits
8-K 2019-04-29 Earnings, Exhibits
8-K 2019-04-24 Shareholder Vote
8-K 2019-02-11 Earnings, Exhibits
8-K 2018-12-03 Officers
8-K 2018-11-05 Earnings, Exhibits
8-K 2018-09-05 Officers
8-K 2018-08-01 Officers, Exhibits
8-K 2018-07-30 Earnings, Exhibits
8-K 2018-04-30 Earnings, Exhibits
8-K 2018-04-26 Officers, Officers, Exhibits
8-K 2018-04-25 Shareholder Vote
8-K 2018-04-06 Earnings, Exhibits
8-K 2018-02-12 Earnings, Exhibits
CNA 2019-09-30
Part I
Item 1. Condensed Consolidated Financial Statements
Item 2. Management's Discussion and Analysis (MD&A) of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 q32019cnaex311.htm
EX-31.2 q32019cnaex312.htm
EX-32.1 q32019cnaex321.htm
EX-32.2 q32019cnaex322.htm

CNA Financial Earnings 2019-09-30

CNA 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
RE 17,529 26,388 17,504 7,718 0 515 641 16,868 0% 26.3 2%
L 16,620 82,277 59,883 14,275 6,857 885 1,686 27,636 48% 16.4 1%
MKL 15,008 36,422 25,857 8,190 0 742 1,133 12,367 0% 10.9 2%
ACGL 14,870 34,852 23,032 6,258 0 1,367 1,641 16,277 0% 9.9 4%
CNA 12,628 59,963 47,876 10,330 0 872 1,259 15,035 0% 11.9 1%
WRB 12,560 26,488 20,468 7,850 0 696 1,198 11,302 0% 9.4 3%
HGH 10,376 69,472 54,180 19,507 0 1,630 2,220 14,143 0% 6.4 2%
Y 9,871 26,356 17,495 7,984 0 330 674 10,761 0% 16.0 1%
AFG 9,191 67,697 61,607 7,682 0 714 952 8,260 0% 8.7 1%
ORI 6,689 20,988 15,094 6,574 0 746 992 6,589 0% 6.6 4%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2019
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _____ to _____
Commission File Number 1-5823
 
CNA FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
 
36-6169860
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
151 N. Franklin
 
60606
Chicago,
Illinois
 
(Zip Code)
(Address of principal executive offices)
 
 
(312) 822-5000
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, Par value $2.50
 
"CNA"
 
New York Stock Exchange
 
 
 
 
Chicago Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer

Non-accelerated filer

Accelerated filer

Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒
As of October 24, 2019, 271,478,277 shares of common stock were outstanding.



Item Number
 
Page
Number
 
 
1.
 
 
 
 
 
 
 
2.
3.
4.
 
PART II
 
1.
2.
6.

2

Table of Contents

PART I
Item 1. Condensed Consolidated Financial Statements
CNA Financial Corporation
Condensed Consolidated Statements of Operations (Unaudited)
Periods ended September 30
Three Months
 
Nine Months
(In millions, except per share data)
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
Net earned premiums
$
1,890

 
$
1,853

 
$
5,517

 
$
5,453

Net investment income
487

 
487

 
1,573

 
1,483

Net investment gains:
 
 
 
 
 
 
 

Other-than-temporary impairment losses
(14
)
 
(3
)
 
(34
)
 
(9
)
Other net investment gains
21

 
17

 
54

 
34

Net investment gains
7

 
14

 
20

 
25

Non-insurance warranty revenue
292

 
258

 
858

 
744

Other revenues
9

 
10

 
22

 
26

Total revenues
2,685

 
2,622

 
7,990

 
7,731

Claims, Benefits and Expenses
 
 
 
 
 
 
 
Insurance claims and policyholders’ benefits
1,614

 
1,312

 
4,323

 
3,978

Amortization of deferred acquisition costs
345

 
337

 
1,025

 
992

Non-insurance warranty expense
278

 
235

 
801

 
676

Other operating expenses
289

 
302

 
853

 
903

Interest
32

 
34

 
100

 
104

Total claims, benefits and expenses
2,558

 
2,220

 
7,102

 
6,653

Income before income tax
127

 
402

 
888

 
1,078

Income tax expense
(20
)
 
(66
)
 
(161
)
 
(181
)
Net income
$
107

 
$
336

 
$
727

 
$
897

 
 
 
 
 
 
 
 
Basic earnings per share
$
0.39

 
$
1.24

 
$
2.68

 
$
3.30

 
 
 
 
 
 
 
 
Diluted earnings per share
$
0.39

 
$
1.23

 
$
2.67

 
$
3.29

 
 
 
 
 
 
 
 
Weighted Average Outstanding Common Stock and Common Stock Equivalents
 
 
 
 
 
 
 
Basic
271.6

 
271.6

 
271.6

 
271.5

Diluted
272.6

 
272.5

 
272.5

 
272.4


The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).


3

Table of Contents

CNA Financial Corporation
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Periods ended September 30
Three Months
 
Nine Months
(In millions)
2019
 
2018
 
2019
 
2018
Comprehensive Income
 
 
 
 
 
 
 
Net income
$
107

 
$
336

 
$
727

 
$
897

Other Comprehensive Income (Loss), Net of Tax
 
 
 
 
 
 
 
Changes in:
 
 
 
 
 
 
 
Net unrealized gains on investments with other-than-temporary impairments

 
(1
)
 
4

 
(11
)
Net unrealized gains on other investments
41

 
(158
)
 
1,003

 
(746
)
Net unrealized gains on investments
41

 
(159
)
 
1,007

 
(757
)
Foreign currency translation adjustment
(29
)
 

 
(12
)
 
(40
)
Pension and postretirement benefits
7

 
7

 
22

 
24

Other comprehensive income (loss), net of tax
19

 
(152
)
 
1,017

 
(773
)
Total comprehensive income
$
126

 
$
184

 
$
1,744

 
$
124

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

4

Table of Contents

CNA Financial Corporation
Condensed Consolidated Balance Sheets
(In millions, except share data)
September 30, 2019 (Unaudited)
 
December 31,
2018
Assets
 
 
 
Investments:
 
 
 
Fixed maturity securities at fair value (amortized cost of $38,258 and $38,085)
$
42,459

 
$
39,546

Equity securities at fair value (cost of $812 and $844)
841

 
780

Limited partnership investments
1,758

 
1,982

Other invested assets
60

 
53

Mortgage loans
923

 
839

Short term investments
1,494

 
1,286

Total investments
47,535

 
44,486

Cash
340

 
310

Reinsurance receivables (less allowance for uncollectible receivables of $29 and $29)
4,063

 
4,426

Insurance receivables (less allowance for uncollectible receivables of $40 and $42)
2,464

 
2,323

Accrued investment income
409

 
391

Deferred acquisition costs
668

 
633

Deferred income taxes
190

 
392

Property and equipment at cost (less accumulated depreciation of $201 and $216)
293

 
324

Goodwill
145

 
146

Deferred non-insurance warranty acquisition expense
2,772

 
2,513

Other assets (includes $- and $8 due from Loews Corporation)
1,571

 
1,208

Total assets
$
60,450

 
$
57,152

Liabilities
 

 
 

Insurance reserves:
 
 
 

Claim and claim adjustment expenses
$
21,596

 
$
21,984

Unearned premiums
4,608

 
4,183

Future policy benefits
12,305

 
10,597

Long term debt
2,678

 
2,680

Deferred non-insurance warranty revenue
3,707

 
3,402

Other liabilities (includes $47 and $23 due to Loews Corporation)
3,433

 
3,089

Total liabilities
48,327

 
45,935

Commitments and contingencies (Notes C and F)


 


Stockholders' Equity
 

 
 

Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 271,478,277 and 271,456,978 shares outstanding)
683

 
683

Additional paid-in capital
2,197

 
2,192

Retained earnings
9,171

 
9,277

Accumulated other comprehensive income (loss)
139

 
(878
)
Treasury stock (1,561,966 and 1,583,265 shares), at cost
(67
)
 
(57
)
Total stockholders’ equity
12,123

 
11,217

Total liabilities and stockholders' equity
$
60,450

 
$
57,152

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

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Table of Contents

CNA Financial Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine months ended September 30
 
 
 
(In millions)
2019
 
2018
Cash Flows from Operating Activities
 
 
 
Net income
$
727

 
$
897

Adjustments to reconcile net income to net cash flows provided by operating activities:
 
 
 
Deferred income tax (benefit) expense
(72
)
 
37

Trading portfolio activity
(1
)
 
2

Net investment gains
(20
)
 
(25
)
Equity method investees
48

 
136

Net amortization of investments
(64
)
 
(48
)
Depreciation and amortization
52

 
59

Changes in:
 
 
 
Receivables, net
207

 
(47
)
Accrued investment income
(18
)
 
5

Deferred acquisition costs
(37
)
 
(24
)
Insurance reserves
337

 
108

Other, net
(179
)
 
(232
)
Net cash flows provided by operating activities
980

 
868

Cash Flows from Investing Activities
 

 
 

Dispositions:
 
 
 
Fixed maturity securities - sales
4,872

 
6,622

Fixed maturity securities - maturities, calls and redemptions
2,116

 
1,838

Equity securities
171

 
69

Limited partnerships
417

 
304

Mortgage loans
109

 
83

Purchases:
 
 
 
Fixed maturity securities
(7,053
)
 
(8,244
)
Equity securities
(140
)
 
(177
)
Limited partnerships
(167
)
 
(380
)
Mortgage loans
(193
)
 
(112
)
Change in other investments
(8
)
 
(10
)
Change in short term investments
(180
)
 
158

Purchases of property and equipment
(20
)
 
(87
)
Other, net
16

 
16

Net cash flows (used) provided by investing activities
(60
)
 
80

Cash Flows from Financing Activities
 
 
 
Dividends paid to common stockholders
(834
)
 
(801
)
Proceeds from the issuance of debt
496

 

Repayment of debt
(520
)
 
(180
)
Purchase of treasury stock
(18
)
 

Other, net
(11
)
 
(8
)
Net cash flows used by financing activities
(887
)
 
(989
)
Effect of foreign exchange rate changes on cash
(3
)
 
(4
)
Net change in cash
30

 
(45
)
Cash, beginning of year
310

 
355

Cash, end of period
$
340

 
$
310

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

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Table of Contents

CNA Financial Corporation
Condensed Consolidated Statements of Stockholders' Equity (Unaudited)
Periods ended September 30
Three Months
 
Nine Months
(In millions)
2019
 
2018
 
2019
 
2018
Common Stock
 
 
 
 
 
 
 
Balance, beginning of period
$
683

 
$
683

 
$
683

 
$
683

Balance, end of period
683

 
683

 
683

 
683

Additional Paid-in Capital
 
 
 
 
 
 
 
Balance, beginning of period
2,190

 
2,179

 
2,192

 
2,175

Stock-based compensation
7

 
7

 
5

 
11

Balance, end of period
2,197

 
2,186

 
2,197

 
2,186

Retained Earnings
 
 
 
 
 
 
 
Balance, beginning of period
9,159

 
9,216

 
9,277

 
9,364

Dividends to common stockholders ($0.35, $0.35, $3.05 and $2.95 per share)
(95
)
 
(96
)
 
(833
)
 
(805
)
Net income
107

 
336

 
727

 
897

Balance, end of period
9,171

 
9,456

 
9,171

 
9,456

Accumulated Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
Balance, beginning of period
120

 
(605
)
 
(878
)
 
16

Other comprehensive income (loss)
19

 
(152
)
 
1,017

 
(773
)
Balance, end of period
139

 
(757
)
 
139

 
(757
)
Treasury Stock
 
 
 
 
 
 
 
Balance, beginning of period
(65
)
 
(58
)
 
(57
)
 
(60
)
Stock-based compensation

 

 
8

 
2

Purchase of treasury stock
(2
)
 

 
(18
)
 

Balance, end of period
(67
)
 
(58
)
 
(67
)
 
(58
)
Total stockholders' equity
$
12,123

 
$
11,510

 
$
12,123

 
$
11,510

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).


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Table of Contents

CNA Financial Corporation
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note A. General
Basis of Presentation
The Condensed Consolidated Financial Statements include the accounts of CNA Financial Corporation (CNAF) and its subsidiaries. Collectively, CNAF and its subsidiaries are referred to as CNA or the Company. Loews Corporation (Loews) owned approximately 89% of the outstanding common stock of CNAF as of September 30, 2019.
The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany amounts have been eliminated. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, including certain financial statement notes, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in CNAF's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2018, including the summary of significant accounting policies in Note A. The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
The interim financial data as of September 30, 2019 and for the three and nine months ended September 30, 2019 and 2018 is unaudited. However, in the opinion of management, the interim data includes all adjustments, including normal recurring adjustments, necessary for a fair statement of the Company's results for the interim periods. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.
Recently Adopted Accounting Standards Updates (ASU)
ASU 2016-02: In February 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-02, Leases (Topic 842): Accounting for Leases. The updated accounting guidance requires lessees to recognize on the balance sheet assets and liabilities for the rights and obligations created by the majority of leases, including those historically accounted for as operating leases. On January 1, 2019, the Company adopted the updated guidance using a modified retrospective method. Prior period amounts have not been adjusted and continue to be reported in accordance with the previous accounting guidance. The Company utilized the package of practical expedients allowing the Company to not reassess whether a contract is or contains a lease, lease classification and initial direct costs. The Company also utilized the practical expedient to not separate lease and non-lease components for all leases.
Adoption of the updated guidance resulted in the following changes to the Condensed Consolidated Balance Sheet on January 1, 2019:
(In millions)
Balance as of December 31, 2018
 
Adjustments Due to Adoption of Topic 842
 
Balance as of January 1, 2019
Property and equipment at cost (less accumulated depreciation)
$
324

 
$
2

 
$
326

Other assets
1,208

 
237

 
1,445

Other liabilities
3,089

 
239

 
3,328


As of January 1, 2019, operating lease right-of-use (ROU) assets, included within Other assets, were reduced by accrued rent and lease incentives of $75 million previously classified as Other liabilities. The updated guidance did not impact the Condensed Consolidated Statements of Operations. See Note K to the Condensed Consolidated Financial Statements for additional information regarding leases.

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Table of Contents

Accounting Standards Pending Adoption
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The updated accounting guidance requires changes to the recognition of credit losses on financial instruments not accounted for at fair value through net income. The guidance is effective for interim and annual periods beginning after December 15, 2019. The guidance will be applied using a modified retrospective approach with the cumulative effect recognized as an adjustment to retained earnings. A prospective transition approach is required for debt securities that have recognized an other-than-temporary impairment prior to the effective date. The Company is currently evaluating the effect the guidance will have on the Company's financial statements, but does not expect the impact to be material. The primary changes will be the use of the expected credit loss model for mortgage loans, reinsurance and insurance receivables and other financing receivables and the use of the allowance method rather than the write-down method for credit losses within the available-for-sale fixed maturities portfolio. The expected credit loss model will require a financial asset to be presented at the net amount expected to be collected. The allowance method for available-for-sale debt securities will allow the Company to record reversals of credit losses if the estimate of credit losses declines.
The Company is currently in the process of evaluating existing impairment methodology, developing models to comply with the new guidance and accumulating all of the necessary internal and external information required to measure credit losses under the expected credit loss model. The Company is implementing changes to the information systems to assist with the accounting, including the recording of the allowance. The Company is also evaluating additional changes to processes to meet the reporting and disclosure requirements of the new guidance.
In August 2018, the FASB issued ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts.  The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts.  The guidance requires entities to annually update cash flow assumptions, including morbidity and persistency, and update discount rate assumptions quarterly using an upper-medium grade fixed-income instrument yield.  The effect of changes in cash flow assumptions will be recorded in Net income and the effect of changes in discount rate assumptions will be recorded in Other comprehensive income. This guidance is effective for interim and annual periods beginning after December 15, 2020; however the FASB has approved a one year deferral of the effective date. The guidance requires restatement of prior periods presented. Early adoption is permitted. The Company is currently evaluating the method and timing of adoption and the effect the updated guidance will have on its financial statements. The annual updating of cash flow assumptions is expected to increase income statement volatility. The quarterly change in discount rate is expected to increase volatility in the Company’s stockholders' equity, but that will be somewhat mitigated because Shadow Adjustments are eliminated under the new guidance. While the requirements of the new guidance represent a material change from existing GAAP, the underlying economics of the business and related cash flows are unchanged.

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Table of Contents

Note B. Earnings (Loss) Per Share
Earnings (loss) per share is based on the weighted average number of outstanding common shares. Basic earnings (loss) per share excludes the impact of dilutive securities and is computed by dividing Net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.
For the three and nine months ended September 30, 2019, approximately 1 million and 920 thousand potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans were included in the calculation of diluted earnings per share. For those same periods, less than 1 thousand and approximately 3 thousand potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans were not included in the calculation of diluted earnings per share, because the effect would have been antidilutive.
For the three and nine months ended September 30, 2018, approximately 900 thousand and 925 thousand potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans were included in the calculation of diluted earnings per share. For those same periods, approximately 1 thousand and 3 thousand potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans were not included in the calculation of diluted earnings per share, because the effect would have been antidilutive.
The Company repurchased 415,695 shares of CNAF common stock at an aggregate cost of $18 million during the nine months ended September 30, 2019. No repurchases were made during 2018.


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Table of Contents

Note C. Investments
The significant components of Net investment income are presented in the following table.
Periods ended September 30
Three Months
 
Nine Months
(In millions)
2019
 
2018
 
2019
 
2018
Fixed maturity securities
$
452

 
$
449

 
$
1,362

 
$
1,339

Equity securities
16

 
10

 
62

 
32

Limited partnership investments
12

 
23

 
125

 
93

Mortgage loans
13

 
11

 
37

 
36

Short term investments
8

 
6

 
27

 
18

Trading portfolio
2

 
1

 
6

 
6

Other

 
1

 
2

 
4

Gross investment income
503

 
501

 
1,621

 
1,528

Investment expense
(16
)
 
(14
)
 
(48
)
 
(45
)
Net investment income
$
487

 
$
487

 
$
1,573

 
$
1,483


During the three and nine months ended September 30, 2019, $5 million and $26 million of Net investment income was recognized due to the change in fair value of common stock still held as of September 30, 2019. During the three and nine months ended September 30, 2018, Net investment income was reduced by $2 million due to the change in fair value of common stock still held as of September 30, 2018.
Net investment gains (losses) are presented in the following table.
Periods ended September 30
Three Months
 
Nine Months
(In millions)
2019
 
2018
 
2019
 
2018
Net investment gains (losses):
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
Gross gains
$
34

 
$
42

 
$
98

 
$
148

Gross losses
(31
)
 
(32
)
 
(104
)
 
(116
)
Net investment gains (losses) on fixed maturity securities
3

 
10

 
(6
)
 
32

Equity securities
7

 
2

 
60

 
(23
)
Derivatives
(2
)
 
1

 
(13
)
 
10

Short term investments and other
(1
)
 
1

 
(21
)
 
6

Net investment gains (losses)
$
7

 
$
14

 
$
20

 
$
25


During the three and nine months ended September 30, 2019, $7 million and $60 million of Net investment gains were recognized due to the change in fair value of non-redeemable preferred stock still held as of September 30, 2019. During the three and nine months ended September 30, 2018, $2 million of Net investment gains and $23 million of Net investment losses were recognized due to the change in fair value of non-redeemable preferred stock still held as of September 30, 2018. Net investment gains (losses) for the nine months ended September 30, 2019 included a $21 million loss related to the second quarter 2019 redemption of the Company's $500 million senior notes due August 2020.
The components of Other-than-temporary impairment (OTTI) losses recognized in earnings by asset type are presented in the following table.
Periods ended September 30
Three Months
 
Nine Months
(In millions)
2019
 
2018
 
2019
 
2018
Fixed maturity securities available-for-sale:
 
 
 
 
 
 
 
Corporate and other bonds
$
12

 
$
1

 
$
24

 
$
6

Asset-backed
2

 
2

 
10

 
3

OTTI losses recognized in earnings
$
14

 
$
3

 
$
34

 
$
9



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Table of Contents

The following tables present a summary of fixed maturity securities.
September 30, 2019
Cost or
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
 
Unrealized
OTTI
Losses (Gains)
(In millions)
 
 
 
 
Fixed maturity securities available-for-sale:
 
 
 
 
 
 
 
 
 
Corporate and other bonds
$
19,806

 
$
2,263

 
$
42

 
$
22,027

 
$

States, municipalities and political subdivisions
9,154

 
1,641

 

 
10,795

 

Asset-backed:
 
 
 
 
 
 
 
 
 
Residential mortgage-backed
4,718

 
157

 
1

 
4,874

 
(23
)
Commercial mortgage-backed
2,066

 
117

 
3

 
2,180

 
1

Other asset-backed
1,884

 
46

 
4

 
1,926

 
(3
)
Total asset-backed
8,668

 
320

 
8

 
8,980

 
(25
)
U.S. Treasury and obligations of government-sponsored enterprises
124

 
7

 

 
131

 

Foreign government
491

 
20

 

 
511

 

Redeemable preferred stock
10

 

 

 
10

 

Total fixed maturity securities available-for-sale
38,253

 
4,251

 
50

 
42,454

 
$
(25
)
Total fixed maturity securities trading
5

 

 

 
5

 
 
Total fixed maturity securities
$
38,258

 
$
4,251

 
$
50

 
$
42,459

 
 
December 31, 2018
Cost or
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
 
Unrealized
OTTI
Losses (Gains)
(In millions)
 
 
 
 
Fixed maturity securities available-for-sale:
 
 
 
 
 
 
 
 
 
Corporate and other bonds
$
18,764

 
$
791

 
$
395

 
$
19,160

 
$

States, municipalities and political subdivisions
9,681

 
1,076

 
9

 
10,748

 

Asset-backed:
 
 
 
 
 
 
 
 
 
Residential mortgage-backed
4,815

 
68

 
57

 
4,826

 
(20
)
Commercial mortgage-backed
2,200

 
28

 
32

 
2,196

 

Other asset-backed
1,975

 
11

 
24

 
1,962

 

Total asset-backed
8,990

 
107

 
113

 
8,984

 
(20
)
U.S. Treasury and obligations of government-sponsored enterprises
156

 
3